Auction market solid in face of lockdowns

With both Sydney and Melbourne still in hard lockdown, the nation’s auction market continues to hold up well.

CoreLogic record a preliminary national clearance rate of 74.8%, down only slightly from the prior weekend’s 76.3%.

Sydney’s preliminary clearance rate softened to 74.8% from the prior weekend’s 77.1, whereas Melbourne’s also softened to 71.9% from 76.1%. However, auction volumes were lower – 1,849 versus 2,169 the prior weekend.

Across the smaller capitals, where auctions are far less common, auction clearances were solid.

CoreLogic preliminary clearance rates

Holding up well in the face of lockdowns.

The nation’s clearance rate remains at historically high levels; albeit down significantly from March’s peak:

CoreLogic national clearance rate

Still high, despite falling from March’s peak.

Domain’s auction results were softer; albeit off a smaller sample size:

Domain auction results

Domain’s auction results softer.

Other things equal, the auction market is pointing to slower dwelling price growth over the second half.

Unconventional Economist
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